Bitcoin tests $ 50,000 resistance as altcoins climb on weekends

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Bitcoin remains below $ 50,000 as it continues to test resistance, while altcoins posted gains from Saturday.

Bitcoin managed to hit $ 49,500 on Saturday. However, he failed to cross the $ 50,000 mark. August has been a strong month for bitcoin as crypto has climbed 20% since the start of the month. The surge in prices benefited altcoins, which also saw big gains during August.

Source: TradingviewAltcoins surging

While bitcoin struggled to break above key resistance levels, altcoins made decent gains on Friday and Saturday. Most notable was the top 25 projects, Avalanche (AVAX). AVAX rose more than 30% on Saturday. The move follows an extended month-long bullish period for the project which sees AVAX rise by nearly 400%. The project is no longer far from its historical record. The bullish price action of AVAX can be attributed to the recent announcement that the project is expected to offer cash extraction for Curve (CRV) and Aave (AAVE). With $ 180 million in tokens to be provided for the program.

Source: Tradingview

Solana (SOL) also benefited from the recent bullish momentum. The project hit a new all-time high on Saturday, hitting $ 81.25. The project continues to gain traction, having recently jumped into the top 10 projects based on market capitalization. At the time of writing, SOL has a market cap of $ 21.6 billion.

Cardano (ADA) also hit a new all-time high of $ 2.58 on Friday. The project now sits behind Ethereum as the third largest crypto project, having overtaken Binance Coin (BNB) and Tether (USDT). Cardano is expected to launch its smart contracts soon. Quite possibly one of the main reasons its price action has been bullish lately.

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